When state treasuries, Wall Street loan desks, and point-of-sale terminals all pivot to Bitcoin in the same week, you know the market’s center of gravity just moved. We map how the “multi-institution custody” standard is catching fire—just as Square, Amboss and Flash push Lightning into everyday commerce and c= unlocks 9% yields on idle BTC. On the balance-sheet front, Trump Media, GameStop and Cantor Fitzgerald join Tether’s $2 billion mining bet in proving that corporates, miners and Wall-Street desks are all racing to out-stack one another. Meanwhile Texas and Pakistan are writing laws for state-level Bitcoin reserves, and the U.S. Labor Department has green-lit 401(k) exposure.
Bitcoin Update
Bitcoin took a breather this week despite a slew of positive headlines, as is tradition during The Bitcoin Conference last week.
Early Riders Media
Early Riders published part three of their Why Multi-Institution Custody Is Winner Take All Series. The report spells out how integrating MIC fortifies security, unlocks new revenue streams, and cements client loyalty.
Michael, Brian, and Liam discuss the most relevant news of the week including political acceptance, bitcoin treasury companies, and bitcoin security on this week's podcast.
You can find all our episodes on our podcast website as well as listen on YouTube and Spotify.
Portfolio Updates
Onramp Trade went live, offering a cost-efficient, segregated and insured venue to accumulate bitcoin—and a seamless path to long-term custody and financial services.
Flash launched their invoicing feature, allowing any business and freelancer the ability to create and send invoices.
Acropolis continues to add to their growing pipeline of companies, included listed companies given the interest in copying the Strategy playbook. Cofounder Mason Carter spoke at Bitcoin 2025 on a panel discussing Bitcoin as the Hurdle Rate.
Onramp MENA launched further discussions with central banks for their bulletproof custody model.
Industry & Institutional Updates
Block will add Lightning-powered bitcoin payments to the Square Point-of-Sale app, piloting with merchants in H2 2025 and targeting a full rollout to all eligible sellers in 2026 following a test at The Bitcoin Conference.
At Bitcoin 2025, Miles Suter revealed Square’s c= routing node is earning roughly 9.7% APR on about 184 BTC of liquidity, underscoring Lightning yield potential for corporates. However, the liquidity from CashApp may offer differentiation relative to the competition.
Amboss unveiled Rails, a self-custodial service that automates channel management so businesses can earn routing and liquidity-lease fees on idle BTC while strengthening the Lightning Network.
Bitmain announced their new Antminer S23 Hydro delivers 580 TH/s at 5,510 W for a record 9.5 J/TH efficiency, with first shipments slated for Q1 2026 and buyers.
Tether CEO Paolo Ardoino said the firm now holds 100k+ BTC and is investing >$2 billion in energy and hardware to become the world’s largest bitcoin miner by year-end.
Trump Media closed a mixed stock-and-convertible offering of about $2.4 billion to build a corporate bitcoin treasury, with Anchorage and Crypto.com tapped for custody.
GameStop disclosed it has added 4,710 BTC to its balance sheet as part of a revised capital-allocation strategy. However, some criticized his passion and education of his shareholder base.
Cantor Fitzgerald’s new Bitcoin Financing desk is live, offering up to $2 billion in collateralized loans to institutional BTC holders and completing its first trades in May.
Cantor Fitzgerald Asset Management announced a Gold-Protected Bitcoin Fund that gives uncapped BTC upside with 1-for-1 downside protection tied to gold over a five-year term.
Regulatory Updates
The U.S. Department of Labor rescinded its 2022 crypto guidance related to cryptocurrency in 401(K) plans, returning to a neutral stance and leaving discretion to plan fiduciaries.
Pakistan’s government will create a strategic bitcoin reserve and allocate 2 GW of power to BTC mining and AI data centers, according to Pakistan Crypto Council CEO Bilal Bin Saqib.
The Texas Legislature passed SB 21, establishing a state-managed Strategic Bitcoin Reserve and authorizing the comptroller to hold and invest in BTC. The bill is expected to be signed into law by Governor Greg Abbott.
Reform UK leader Nigel Farage pledged a “crypto revolution” featuring a UK bitcoin reserve, a 10% crypto capital-gains tax ceiling, and laws against debanking crypto users.
Please forward this to someone in your network who may find this valuable, or reach out to us directly to learn more about Early Riders and how to get involved.
Make sure to keep up with all research at earlyriders.com/research.
Subscribe to Keep Reading
Get the full piece, plus all the latest Early Riders research, letters, and the Open Range weekly, delivered directly to your inbox.
Subscribing is free, and this device stays unlocked once you do.